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Home My WebLink AboutAdden 4 LAG-14005,Adden#4-16 � _� LANDLURD'S RELEASE Borrower: Rainier Flight Service, LLC Lender: HomeStreet Bank,a Washing#on State Chartered 800 West Perimeter Road Commerciai Bank Renton,WA 98�57 Commerctat Lending PO Box 2345 Seattle,WA 98111 THIS LANDLORD'S RELEASE is entered into among Rainier Flight Service, LLC ("Borrower"), whose address is 800 West Perimeter Road, Renton,WA 98057; HomeStraet Bank,a Washington State Chartered Commercial Bank("Lender"),whose address is Commercial Lending, PO Box 2345,Seattle,WA 98111;and The City of Renton{"Landford"),whose address is Airport Administration Buiiding 1 Attn:Airport Manager I 616 West Perimeter Road, Unit A, Renton, WA 98057. Borrower and Lender have entered into, or are about to enter into, an agreement whereby lender has acquired or will acquire a security interest or other interest in the Callateral. Some or ail of the Collateral may be affixed or otherwise become located on the Premises. To induce Lender to extend the loan to Borrower against such security interest in the Collateral and for other valuabie consideration, Landiord hereby agrees with Lender and Borrower as follows. COLLATERAL DESCRIPTION. The word"Collateral"means certain of Borrower's personal property in which Lender has acquired or will acquire a security interest, including without limitation the following specific property: All Inventory, Chattel Paper, Accounts, inciuding but not limited to Health Care Insurance Receivables, Equipment, General Intangibles, Commercial Tort Claims,Qeposit Accounts,Documents,Goods,Instruments,Investmertt Property,Letter-of-Credit Rights,Letters of Credit, Money,and Oil,Gas,or other minerals before sxtraction. DISCLAIMER OF iNTEREST. landlord hereby consents to lender's security interest (or other interest) in the Coilateral and disclaims aIl interests, liens and claims which Landlord now has or may hereafter acquire in the Collateral. Landlord agrees that any lien or claim it may now have or may hereafter have in the Collateral wifl be suhject at all times to Le�der's security interest{or other present or future interest) in the Collateral and will be subject to the rights granted by Landlord to Lender in this Agreement. ENTRY ONTO PREMISES. Land�ord and Borrower grant to lender the right to enter upon the Premises for the purpose of removing the Collateral from the Premises or conducting sales of the Coilateral on the Premises. The rights granted to Lender in this Agrsement will continue untii a reasonable time after Lender receives notice in writing from Landlord that Borrower no lortger is in Iawful possession of the Premises. If Lender enters onto the Premises and removes the Coifateral, Lender agrees with Landlord not to remove any Coliateral in such a way that the Premises are damaged,without either repairing any such damage or reimbursing Landlord for the cost ot repair. COUNTERPARTS;ELECTRONIC DELiVERY.This Agreement may be executed in several identical counterparts, ail af which when taken together shail constitute but one instrument, and neither Party sha11 assert in any forum thaf introduction of more than one executed counterpart is required ta prove this Agreement.This Agreement and any signed agreement or instruction entered into in connection with this Agreement, and any amendments hereto or thereto,to the extent delivered by means of a telecopy or electronically(an"Electronic Delivery"), shaii be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it were the original signed paper version delivered in person. However,the Parties agree not to enter into, modify or terminate contracts or other obligations by use of the text of emails as such, only by means of a separate writing(that may be transmitted electronically).At the request of either Party, the other Party shall re-execute original forms thereof as paper documents and deliver them to the other Party. Neither Party shall raise the use ' af Electronic Delivery to deliver a signature or the fact that any signature or agreement or instrument was transmitted or communicated through the use of Electronic Delivery as a defense to the formation of a contract,and each Party forever waives any such defense, except to the extent such defense relates ta lack of authenticity. MISCELLANEdIlS PROVISIONS. The follouving miscellaneous provisions are a part of this Agreement: This Agreement shall eutend ta and bind the respective heirs, personal representatives, successprs and assigns of the parties to this Agreement. The covenants of Borrower and Landlord respecting subordination of ihe claim or claims of Landlord in favor of Lender shati extend to, include, and be enforceable by any transferee or endorsee to whom Lender may transfer any claim or claims to which this Agreement shall apply. Lender need not accept this Agreement in writing or othervvisa to make it effec#ive. This Agreement shall be govemed by and construed in accordance with the laws of the State of Washington. If Landlord is other than an individual, any agent or other person executing this Agreement on behalf of Landlord represents and warrants to Lender that he or she has full power and authority to execute this Agreement on Landlord's behalf. Lender shall not be deemed to have waived any rights under this Agreement unless such waiver is in writing and signed by Lender. Without notice to Landlord and without affecting the validity of this Consent, Lender may do or not do anything it deems appropriate or necessary with respect to the Loan, any obligors on the loan,or any Collateral for the Loan; including without limitation extending, renewing, rearranging, or acce3erating any of the Loan indebtedness. AMENDMENTS. This Agreement, together with any Related Documents, constitutes the entire understanding and agreement of the parties as to the matters set forth in this Agreement. No alteration of or amendment to this Agreement shall be effective unless given in writing and signed by the party or parties sought to be charged or bound by the alteration or amendment. NO WAIVER BY LENDER. Lender shall not be deemed to have waived any rights under this Agreement unless such waiver is given in writing and signed by Ler�er. No delay or omission on the part of Lender in exercising any right shall operate as a waiver of such right or any other right. A waiver by Lender of a provision of this Agreement shall not prejudice or constitute a waiver of Lender's right otherwise to demand strict compliance with that provisian or any other provision of this Agreement. No prior waiver by Lender, nor any course of dealing between Lender and Landlord, shall consti#ute a waiver of any af Lender's rights or of any of landlord's obligations as to any future transactions. Whenever the consent of lender is required under this Agreement, the granting of such cansent by Lender in any instance shall not constitute coMinuing consent to subsequent instances where such consent is required and in all cases such consent may be granted or withheld in the sole discretion of Lender. SEVERABILITY. If a court of competent jurisdiction finds any provision of this Agreement to be illegal, invalid, or unenforceable as to any circumstance, that finding shall not make the offending provision illegal, invalid, or unenfarceable as to any other circumstance. If feasible, the offending provision shall be considered modified so that it becomes legal, valid and enforceable. If the offending provision cannot be so modified, it shall be considered deleted from this Agreement. Unless othervvise required by law, the illegality, invalidity, or unenforceability of any provision of this Agreement shall not affect the legality,validity or enforceability of any other provision of this Agreement. DEFINITIONS. The following capitalized words and terms shall have the following meanings when used in this Agreement. Unless specifically stated to the contrary, all references to dollar arnounis shall mean amounts in lawful money of the Urrited Stafes of America. Words and terms used in the singular shall include the plural, and the plural shall include the singular, as the context may require. Words and terms not otherwise defined in this Agreement shall have the meanings attributed to such terms in the llniform Comrnercial Code: Agreement. The word "AgreemenY' means this Landford's Release, as this Landlord's Release may be amended or modified from time to � time,together with all exhibits and schedules attached to this Landlord's Release from time to time. I � LANDLORD`S RELEASE {Continued) Page 2 - --T� Borrower. The word"Borrower"means Rainier Fl�ght Service, LLC and includes ap co-s�gners and co-makers srgning the Note and all their successors and assigns. Collateral. The word "Collateral"means aii of Borrower's right, title and interest in and ta all the Coilateral as descrlbed `sn the Colfaterai Description section of this Agreement Landlord. The word"Landiord"means The City of Renton, and is used for convenience purposes anly Landiord's interest in the Premises may be that of a fee owner, lessor, sut�lessor or lienholder, or that of any other holder vf an interest in the Premises which may be, or may become, prior to the interest of Lender. Lender. The word"Lender"means HomeSueet Bank, a Washington State Chartered Commercial Bank, its successors and assigns. Loan. The word "Loan" means any and all {oans and financial accommodations irom Lender to Borrower whether now or hereafter existing, and however evidenced Note. The word"Note" means the Note dated October 24, 2016 and executed by Rainier Flight Service, LLC in the principal amount of $230,000.00, together with all renewals of, e�ctensions of, modifications of, refinancings of, consolidations of, and substitutions for the note or credit agreement Premises. ?he word"Premises" means the rea! property tocated in King County, State of Washington commanly known as 800 West Perimeter Road,Renton;WA 98057. . Related Qocuments. 7he words,"Related Docume�ts" mean all promissory notes, credit agreements, loan agreements, envlronmental agreements, guaranties, security agreerr+ents, mortgages, deeds of trust, security deeds, callateral mortgages, and all ather Instruments, agreements and documents,whether now or hereaRer existing, executed;n connection with the Loan BORROWER AND LANQLORD ACKNOWLEDGE HAVING READ ALL THE PROVI510NS OF THIS LANDLORD'S RELEASE,AND BORROWER AND LANDLORD AGREE TQ!TS TERMS THlS AGREEMENT IS DATED OCTOBER 24, 2016 BORROWER: RAlNIER FLIGHT SERVICE,LLC gy; � � � t_ h" �.G'�-�-�� Gor P.� Alvord, Chlef Executive Manager of Raf r FUght Service,LLC LANDLORD: LHNDER: THE CITY QF REN N HOMESTREET BANK, A WASHINGTON STATE CHARTERED COMMERGIAL BANK sy:. Denis Law,Mayor of The City of Renton X rank tulis,Vice President uv�P�e wr e7looio Coq�o•nuS�Carpuraaeniae�auia a neuma MN LKFf1P�EiSF�IRIO375 Pfl 16 !uW% Auest ^� `l 13��```��,,,�+,+�a�a„�,�,,r J A. 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